BAKU, Azerbaijan, March 9. Iran's South Pars gas field (North Dome in Qatar), a joint gas field with Qatar, will see a substantial investment in increasing gas pressure, with an estimated $17 billion allocated for this project, Trend reports citing National Iranian Oil Company (NIOC).
The agreement, signed on March 8 in Tehran, involves NIOC and five local companies. The project aims to ensure the preservation of maximum gas production, reduce shortages of gas and gasoline, and prevent the flow of gas towards Qatar.
NIOC’s strategy includes four main objectives: compensating for pressure loss, maintaining maximum gas output, reducing gas and gasoline shortages, and halting the flow of gas toward Qatar.
This initiative is expected to generate $780 billion in revenue for Iran from the South Pars gas field by the year 2052. The gas field will be divided into seven pressure centers, with each center housing equipment and facilities totaling 60,000 tons. 70 percent of these facilities will be sourced locally.
The project is also expected to create job opportunities for around 17,000 people.
The South Pars gas field (North Dome in Qatar) is a joint gas field of Iran and Qatar. The proven reserves of the South Pars Gas Field are estimated at 51 trillion cubic meters of gas, of which 36 trillion are extractable. Iran's share in the field is 14 trillion cubic meters of gas and 18 billion barrels of gas condensate.
Iran’s development of South Pars consists of 24 phases, with production starting in 2002. Currently, Iran produces around 700 million cubic meters of gas per day from the field. To date, Iran has invested approximately $90 billion in its development.
About 33 percent of the recoverable gas reserves from South Pars belong to Iran. While Iran has developed its portion independently, the Qatari side has primarily relied on foreign companies for development.
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